U.S. private-equity firm Providence Equity Partners LLC is preparing to take German home-shopping TV network HSE24 public in 2019 after plans to sell the business fell through, people familiar with the matter said.

Providence is targeting a market value of at least €1.5 billion ($1.75 billion) from the initial public offering and subsequent stock-market listing. IPO markets in the U.S. and Europe have had a strong start to the year.

A sale, which attracted interest from a range of buyout shops, was shelved after a mismatch in price expectations between buyers and seller, in part caused by a slump in the value of U.S. competitor QVC Group, people familiar with the matter said.

The firm could revisit a sale of the business if a buyer emerges with a better price, one person said.

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The share price of QVC’s parent company, Qurate Retail Group Inc., has fallen by around a quarter to $22 on July 19 from a year-to-date high of $29.11 in February. Qurate Retail Group is chaired by media mogul John Malone and was formerly known as Liberty Interactive.

Germany, in particular, has been a beneficiary of a favorable business climate and investors looking to back fast-growing companies.

Companies going public in Germany have raised nearly $9 billion from investors, the highest sum year-to-date since at least 2005, Dealogic Ltd. data shows. Stock-market listings in Germany account for just under a third of all cash raised on European exchanges this year, the highest proportion in more than a decade.

HSE24 was launched in 1995 as Germany’s first shopping channel, according to its website. It sells over 20,000 products ranging from vacuum cleaners to make up and employs around 1,400 people across Europe.

The slated exit comes after a period of strong financial growth at the company. Sales in 2017 grew on the year by 9% to €821 million, driven largely by the company’s push into e-commerce, a statement from the company said in April.

Sales growth is expected to be boosted by HSE24’s decision to launch a subsidiary in the Gulf region by the end of 2018, people familiar with the matter said. HSE24 currently operates in countries across Europe including Germany, Russia, Italy and Switzerland.

Launching in the Gulf will see the company look to take advantage of an uptick in consumer spending in the region, one of the people added.

If the IPO proceeds, it will underscore a shift in investor appetite away from traditional bricks and mortar retailers to e-commerce and teleshopping platforms that can sell goods to consumers without having to pay rent costs on stores.

Europe, in particular the U.K., has seen a number of well-established high street retailers struggle in the face of increasing competition from companies like Amazon Inc. in recent years.

Providence bought a majority stake in the company from French private-equity giant Ardian, then known as AXA Private Equity, in 2012. Ardian retained a minority stake in the business.